- Opinion
- Chanticleer
How short sellers won big on story of housing market pain
IDP Education plunged after the full extent on immigration restrictions in Australia, Canada and Britain became clear. It hopes the pain will be short-lived, but that will depend on house prices.
Fortescue accuses former execs of green iron IP breach
Andrew Forrest’s company has launched legal action against two of the architects of its clean energy pivot over claims they copied a green iron technology.
- Live
- Markets Live
Shares rise; CBA hits record high, ECB tipped to cut rates ahead
ECB tipped to cut rates tonight. Bank of Canada cuts. SkyCity slashes guidance, warns on NZ economy. Telix unveils Nasdaq IPO. Magellan narrows outflows. Gold, oil rise. Follow here.
IDP Education dives on fears international students will stay away
The country’s largest listed provider of international education services says the restrictions in Australia, Canada and the UK are “linked to election cycles”.
Canada becomes first major economy to cut rates, lifting market mood
The move comes ahead of a European Central Bank meeting on Thursday, which is also expected to reduce rates. The Fed is scheduled to meet next week.
Landmark case to raise teens’ pay to adult rates
The retail and fast food workers union says 18- and 19-year-olds can drink, vote and join the army so they should be paid the same as people aged 20 and older.
- Live
- Need to Know
‘Truly sorry’: Laws criminalising homosexuality were wrong, Minns says
NSW is the last state to apologise for such laws; Adam Bandt has accused Labor of being complicit in Israel’s continued invasion of Gaza; The government has 20 prosecutions underway into NDIS fraud and another 12 ready to go. Live updates here.
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AFR ESG SUMMIT
Investors ought to show fossil fuel companies ‘understanding’: TCorp
The journey to net zero is ‘riddled with uncertainty’ and investors need to have some sympathy for companies, ESG executive Alexis Cheang says.
Super funds target fast food giants over antibiotic use
Superannuation funds have opened a new ESG front by demanding companies such as McDonald’s provide more information about their use of antibiotics.
- Opinion
- Chanticleer
What big investors want in the puzzling ESG era is pretty simple
Making money is hard, let alone doing it when the goalposts are shifting around. But boards should never forget what drives investors.
Nature the next frontier but boards lack skills
Biodiversity is critical for maintaining a liveable planet, but a deficit of skills at the board level is proving a roadblock in accounting for its value.
Australia is ‘cherry-picking’ sustainability reporting standards
It is one of few jurisdictions that has agreed to apply new reporting standards only partially, says former super fund chief David Atkin.
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Companies
IDP Education dives on fears international students will stay away
The country’s largest listed provider of international education services says the restrictions in Australia, Canada and the UK are “linked to election cycles”.
SkyCity suspends dividends, cuts guidance as troubles mount
The operator of casinos in Adelaide and Auckland warned of delays in major projects and a “challenging economic environment”, sending shares tumbling.
Rex overhauls management, appoints new CEO
The regional airline has announced a leadership shake-up with Neville Howell taking over from executive chairman Lim Kim Hai.
Damning Tiwi Island judgment makes bank CEOs wary of in-person visits
Major lenders had promised to send bosses to meet traditional owners near Santos’ Barossa gas project. The Federal Court has made them reconsider.
Bad repairs and blacked-out costs: when insurance claims turn ugly
Stuff-ups and a rapid acceleration in claims expenses are the hallmarks of boiling customer frustration with insurers, who are also facing higher costs.
- Exclusive
- Tax avoidance
‘Poacher turned gamekeeper’: The tax commissioner’s secret money trail
Before he was tax commissioner, Chris Jordan was involved in a transfer from a mystery company in the Isle of Man and a casino junket venture that turned out to be a Ponzi scheme.
Team Global Express signs $190m debt deal
The private equity-backed logistics company has refinanced debt with Commonwealth Bank, the Clean Energy Finance Corporation and IFM Investors.
Companies in the News
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Markets
Canada becomes first major economy to cut rates, lifting market mood
The move comes ahead of a European Central Bank meeting on Thursday, which is also expected to reduce rates. The Fed is scheduled to meet next week.
- Opinion
- Chanticleer
Forget Wall Street’s deceiving new record, recession debate is back
The unstoppable Nvidia might be propelling Wall Street to new highs, but there’s a growing debate about whether US recession fears will revive the infamous “Fed put”.
Bank of Canada cuts key interest rate
Australian shares are set to open higher. S&P 500 resets all-time high. Nvidia market cap tops Apple. Bitcoin above $US71,000.
Buying the dip? Seven trashed ASX stocks fundies are snapping up
Lovisa, Worley and Orora are among the recent laggards that fund managers have been buying at – what they believe – are rare discounts.
- Opinion
- Investing
Don’t bet on this meme stock trading frenzy being like the last
It is a very different market to the early days of 2021, as traders hoping for a quick profit from GameStop have found. And analysts say it is increasingly fragile.
Opinion
Investors cheer as interest rate pain finally appears to be easing
Investors now expect the Federal Reserve will cut rates in September, amid growing signs economic activity is faltering. And that’s pushing markets higher.
Columnist
Red tape driving shift from public markets to private equity
While the downward trajectory of listed company numbers is a global phenomenon, changes to governance principles have exacerbated this decline here.
Economist
Why weak GDP is not the full picture for the RBA
The economy is barely crawling, but weak 0.1 per cent quarterly growth should be considered a Goldilocks scenario for Treasurer Jim Chalmers and the Reserve Bank.
Economics editor
The slump Australia must have after the bounce-back
Confusing revisions within the national accounts suggest that things are not as dire as the misleading talk about a per capita recession.
Editorial
Why Trump, and not Hunter Biden, is trashing America’s courts
Treating the rule of law as a partisan issue is the mark of a corroded political culture.
Columnist
Pharmacists lost 60-day battle, but won war with Chemist Warehouse
The most powerful lobby group in the nation has convinced Labor to stop its competitor from giving customers a $1 discount on medicines.
Contributor
Reports
Driving an electric future
This Insights Report looks at the benefits and remaining hurdles of broadscale EV adoption from a business and consumer perspective.
Sponsored
by LDVPolitics
Labor to splash $26b on green energy projects in Qld
Queensland will increase its spend on green energy transition by $7 billion to $26 billion over the coming four years as new poll compounds fears of election wipeout.
Greens accused of using Gaza to ‘harvest votes’
The government and the opposition have jointly accused the Greens of using the Israel invasion of Gaza to harvest votes and fan violence, at the expense of social cohesion.
New unit to replace outside consultants in NSW
NSW will follow the federal government in setting up an in-house consulting unit to reduce spending on the major firms.
- Updated
- GDP
Surprise overseas travel boom could keep rates on hold
Households are saving much less than previously thought and spending far more on travel, prompting economists to suggest consumers will splurge more of the stage three tax cuts than expected.
‘Ethical’ fund’s excuse for gambling, coal stakes unbelievable: judge
Active Super was found to have engaged in greenwashing, investing in companies such as Whitehaven Coal and SkyCity despite promising not to.
SPONSORED
World
- Analysis
- World elections
Modi must bow to India’s new kingmakers to retain power
Narendra Modi will need to compromise as he starts his third term as prime minister after failing to secure an outright majority at India’s general election.
Global investors pull $60b from ESG funds
Sustainably focused equity funds suffered major cash outflows globally in 2024 because of poor performance and scandals, the first sustained exodus.
US, Australia: China ‘aggressively recruiting’ our fighter pilots
The Five Eyes security intelligence partners have accused the People’s Liberation Army of using Western military talent to train its aviators.
Modi’s shock narrow win puts strong growth plan at risk
India’s election result is a stunning disappointment for the prime minister, who had pledged more business-friendly reforms to keep the economy growing.
ECB rate cut to breathe fresh life into eurozone economy
The scale of the impetus will depend on how much further borrowing costs fall, but stubbornly high inflation driven by wage growth could limit the number of cuts.
Property
Apartment sales boom – in the $1 million-plus price range
Soaring materials and financing costs are making most apartment projects unviable. But there’s a niche of the development market that is booming.
- Exclusive
- Luxury property
Shoe boss Daniel Agostinelli steps up his Toorak digs with $17.5m buy
The CEO of Accent Group and his wife have upgraded their Toorak base, among a flurry of sales in Melbourne’s priciest suburbs.
Great opportunity in hotels, but build-to-rent a ‘catchy title’: Pridham
Andrew Pridham says early in the recovery cycle is when you want to be buying alternative assets like accommodation and pubs, but returns are too low in build-to-rent.
Lendlease taps interest for $1.8b ‘tallest’ timber tower in Sydney
The global developer is moving swiftly on its radical restructure. Chief Tony Lombardo has fronted investors with plans for the world’s tallest hybrid tower.
- Exclusive
- Retail property
Region Group ends two-year drought with $74m mall deal
The country’s biggest owner of suburban malls has made its first acquisition in two years after buying Canberra’s Cooleman Court centre from Mirvac.
Wealth
First home buyers have two weeks to score $12,000 tax break
Advisers say borrowers would be mad not to take advantage of the First Home Super Saver Scheme, but perceived complexity is turning them off.
I have an older-style pension – has the government forgotten about us?
While legacy income streams were not addressed in the recent federal budget, there are steps you can take to make them easier to work with.
The three types of people most likely to avoid high-end super tax
A new study shows a quarter of high-income earners tweak their finances to minimise the tax they pay on superannuation, and they are mostly self-employed, trust beneficiaries and women.
Technology
eSafety drops case against Musk’s X over bishop stabbing video
The online safety watchdog has abandoned its court case against X after suffering a legal setback.
Tough jail terms for deepfake porn peddlers under new laws
The creators and sharers of non-consensual sexually explicit material will face up to seven years’ jail under the new rules, which also put pressure on tech firms.
Medibank faces maximum $21.5 trillion fine in new cyber hack case
The privacy watchdog alleges the private health insurer failed to protect the details of 9.7 million customers, under a law that provides for a penalty of $2.2 million for each breach.
Work & Careers
- Exclusive
- Industrial relations
Union push for five weeks’ annual leave for everyone
Unions are preparing to lobby Labor to change laws so that 25 days paid holiday is the new norm as part of a triumphant ACTU Congress.
Juggling your day job with a hobby after hours? This exec pulls it off
He’s a fan of actor Jack Nicholson but has to fit in his own passion for the stage with an executive role at a branding agency. How does he do it?
Life & Luxury
How to dementia-proof your life in your 40s
Research shows that this decade plays a crucial role in predicting your future brain health – and nobody knows why.
Juggling your day job with a hobby after hours? This exec pulls it off
He’s a fan of actor Jack Nicholson but has to fit in his own passion for the stage with an executive role at a branding agency. How does he do it?
Queensland win Origin I after NSW’s Suaalii sent off
Queensland romped to their biggest ever win in Sydney and within one victory of a third straight series success in Sydney.
De Minaur’s gritty Paris bid ends in quarters
Alex De Minaur’s golden run at the French Open has come to an end, with the Australian losing in straight sets to German world no.4 Alexander Zverev.
Great escapes: Solo kayaking along Bali’s northern coastline
The writer sets off on an odyssey through tranquil waters in a part of the world that will one day be reclaimed for an international airport.
